Have More Than Just An Estate To Will To Your Heirs?: How To Leave Your Business As Part Of Their Inheritance

When you finally sit down with your lawyers to discuss how to leave your amassed wealth behind, some things will be quite straightforward. For example, you can leave your house or houses to your offspring, as well as various cars and financial assets, but what about your company? The following highlights the importance of choosing the right people to take over your company, what can happen when the details of your will are made public, and how business lawyers and attorneys who handle wills and trusts can help.

Making the Right Choice for the New CEO

This is a particularly sensitive area in business, one which your shareholders and investors will want to know about before you pass away. The right decisions can instill positive feelings in the investors and shareholders such that they do not waver from their support of the new management and owner. The wrong decisions can cause panic and cause investors and shareholders to sell off their shares of the company as quickly as they can. Consult with your business lawyers regarding your choices for a replacement CEO. They can investigate and get impressions from your investors and shareholders about the choices you are considering before advising you about the best choice for your company.

Notifying Your Heir(s) of Your Decision

Since owning and operating a major company is a huge leap in life, you will need to notify your heirs by first notifying the heir you have selected to take over your company and then notifying the others of your choice. Be sure to have your lawyers present because your heir and replacement at the company will need to sign some documents acknowledging that he or she is aware of this decision and accepts the responsibility being handed to him or her after your death. Some other aspects of the company, such as your shares in the company and investments made on the company's behalf may be distributed among your heirs, or you can distribute them among your shareholders, investors and employees post-mortem.

Drawing up Your Will

Your attorney that handles wills and trusts can draw up your will, divide your estate, your personal assets, your company and your business assets in a way that not only makes your heirs happy, but also makes your shareholders and investors happy too. The language has to be quite clear so that no one will be hiring a probate lawyer and contesting your will after your passing. Conflict and court involvement can also create problems in your business and in the public eye, and only the right decisions and clearly stated intentions in your will can prevent most of these issues from occurring.